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Farmers Field Of Dreams: If You Build It, Will We Pay?
Photo by Ca-los! via LAist Featured Photos pool on Flickr
LA residents, football fans and non football fans alike, continue to be skeptical about the expense of building Farmers Field despite Mayor Antonio Villaraigosa and AEG's assertion that it won't cost taxpayers money, reports Reuters.
"AEG is asking the city to provide $350 million in bond financing to help cover the $1.4 billion construction of its planned Farmers Field, and the company promises the city will be refunded with, among other things, tax revenue from increased economic activity and a surcharge on tickets. Also, AEG promises to pay cash to bridge any gap on the amount owed for the bonds each year."
Farmers Field would be built where a wing of the L.A. Convention Center currently stands. A proposal by AEG suggests dismantling the wing, building a replacement with city bond money, and connecting it to the rest of the Convention Center.
Yet to be determined are issues like how much AEG would pay "to lease ground underneath the stadium, whether it will provide a letter of credit guarantee for the $350 million and whether the city will have to cough up for infrastructure work around the project," officials said, reports Reuters.
At a downtown forum on Thursday, there was also discussion of environmental costs from cars, congestion, electricity, and trash.
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You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
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